EOI to Contract Exchange
From EOI (Expression of Interest) through to contract exchange, the process can generally take up to two weeks. We aim to have this completed within approximately one week, however, the timeframe can vary depending on the developer, selling agent, lawyers and client requirements.
The process generally follows these steps:
1. EOI is submitted and accepted
Once the EOI is submitted, we wait for the developer or selling agent to formally
accept the EOI and provide the required deposit details.
2. Contract is prepared
The developer/agent prepares the contract using the correct client information,
contract name and purchasing entity. This is an important step, particularly where a
company, SMSF or other purchasing entity is involved.
3. Legal review
Once the contract is received, we arrange for SLF Lawyers to review the contract.
The expectation for the legal review is generally 24–48 hours.
4. Client contract review
Once we receive the legal review, we contact the client to run through the key
contract specifications and outline any requirements or actions required from them.
5. Contract amendments, if required
If the lawyers recommend amendments or identify anything requiring clarification, we
manage this process and liaise with the lawyers and selling agent/developer to work
towards an agreed outcome.
6. Signing and exchange
Once all parties are happy with the contract and any amendments have been agreed,
the contract is issued for signing. Once the contract has been signed and formally
exchanged, the property is officially under contract.
Key learning point: An EOI is not the same as an exchanged contract. The EOI starts
the process, but there are several steps that need to be completed before the client is legally
committed to the purchase.